Hub International Ltd. said Monday it is launching eight specialty insurance practices.
Hub said in a statement that its first specialty practices include transportation, financial institutions, entertainment-sports, construction, agriculture, hospitality, real estate and health care.
The Chicago-based broker said it selected the industries based on position for growth, depth of expertise and strength of industry value proposition, and where it has a substantial portfolio of clients.
The company said Hub Specialties are based on a model that will allow the brokerage to scale and establish future industry specialties based on regional needs and client demands.
Marc Cohen took on the role of CEO of Chicago-based brokerage Hub International Ltd. in January, succeeding Martin Hughes, who remains executive chairman. Named president of Hub last year, Mr. Cohen is a longtime brokerage professional, having joined Kaye Insurance Associates Inc., which Hub bought in 2001, straight out of college. In 2017, Hub was again one of the most acquisitive brokerages in the United States and also reported 4% organic growth as its revenue approached $2 billion. New York-based Mr. Cohen recently spoke with Business Insurance Editor Gavin Souter about Hub’s future growth and acquisition strategy, the broker’s ownership and the outlook for the insurance market. Edited excerpts follow.